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Tuesday, November 21, 2017

Odfjell Tankers News

Odfjell, Sinochem Form Chemical Tanker Pool

Kristian Mørch, CEO of Odfjell SE (Photo: Odfjell SE)

Odfjell SE said it has signed Framework Agreement with Sinochem Shipping Singapore Pte. Ltd whereby the Norwegian ship owner will take four vessels on long-term bareboat charter and together form a pool of eight 40,900 dwt chemical tankers. The four chemical tankers are part of Sinochem’s series of eight ordered from Hantong Wing Shipyard in China. Sinochem will retain ownership of the series’ four other vessels, which together with the bareboat vessels will form a pool managed by Odfjell SE and trading as part of the Odfjell Tankers fleet.

Odfjell Tankers Head Steps Down

Morten Nystad (Photo: Odfjell)

Morten Nystad will step down as senior vice president of Odfjell Tankers after 35 years with the company. His departure is effective immediately. Nystad has held various management positions during his tenure at Odfjell, serving within the company’s chartering department in Bergen and other locations. Nystad’s exit follows the departure of president and CEO Jan A. Hammer in December 2014 “due to different views on the strategic direction for the company”. Hammer was replaced by interim president and CEO Tore Jakobsen, who will be succeeded by Kristian Verner Mørch from August 1, 2015.

New Head for Odfjell Tankers

Harald Fotland (Photo: Odfjell)

Odfjell announced it has appointed Senior Vice President Harald Fotland to new Head of Odfjell Tankers. Fotland comes from the position as SVP/Chief of Staff and has for the past 18 months also been responsible for the cost-cutting and efficiency program in Odfjell. He succeeeds the shipper's previous head of tankers, Morten Nystad, who stepped down from his position in July.  The company also appointed Vice President Arild Viste to Global Head of Tanker Trading in Odfjell Tankers. Viste comes from the position as Vice President for Commercial Development.  

Odfjell SVP Olsen Steps Down

Helge Olsen (Photo: Odfjell SE)

Norway based shipping and tank terminal company Odfjell SE said its Senior Vice President Helge Olsen will step down from his role as Head of Ship Management, effective January 9, 2017.   Olsen, who has been with the company since 2000, holds no Odfjell shares or options.   Harald Fotland, SVP Odfjell Tankers, has been appointed to temporarily cover the position as SVP Ship Management until Olsen’s successor is in place.

Odfjell Buys Secondhand Chemical Tanker

Oslo listed shipping firm Odfjell SE said it has purchased a secondhand stainless steel chemical tanker for $25.5 million.   The M/T Argent Eyebright, built in 2009 by Kitanihon Shipbuilding in Japan, has 16 stainless steel tanks.   On short term time charter to Odfjell Tankers since January 2017, Argent Eyebright will be renamed and put under NIS flag after closing the transaction end of June.

Odfjell Acquires Five Chemical Tankers

CTG Bismuth (Photo: Odfjell SE)

Odfjell SE informs it has signed a final agreement to acquire five chemical tanker newbuilds from Chemical Transportation Group, Inc (CTG) and form a pool of 15 chemical tankers. The transaction has been signed and completed, Odfjell said, after it announced on June 16 that it inked a term sheet with CTG to form the vessel pool and acquire CTG’s final five 25,000 dwt stainless steel newbuilds on order from Chinese shipyard AVIC Dingheng. Odfjell said it will pay $40 million per vessel upon delivery from shipyard.

Odfjell Charters from Nat’l Chemical Carriers

Effective 1 February, Odfjell has entered into an agreement with its Saudi-Arabian partner National Chemical Carriers Ltd. Co (NCC) to bare-boat charter their three 37,000 stainless steel parcel tankers for ten years with purchase options after three years. The three ships are NCC Jubail (1996), NCC Mekka (1995) and NCC Riyad (1995). The ships will continue to be operated by Odfjell Tankers in global trades. Odfjell Ship Management will continue to be responsible for crewing and technical management, and the ships will remain in the Norwegian International Ship Register. Furthermore, Odfjell has entered into three to six years time-charters for three ships that until recently were owned by National Chemical Carriers Ltd. Co.

Odfjell – Sale & Leaseback of Ship

On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m. Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back. The transaction is entered into with a subsidiary of nabCapital, the institutional banking and capital markets division of National Australia Bank Limited. The ship will be delivered to its new owner in November. The ship will continue in the Odfjell Tankers Pool and will continue to be managed by Odfjell. (www.odfjell.com)

Stolt Acquires Three Ships for European Fleet

Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers, are expected to join the Stolt-Nielsen Inter-Europe Service by the end of August 2015. Further terms of the transaction were not disclosed. Commenting on the purchase, Hans P. Feringa, President of Stolt Tankers, said, "We are pleased to have acquired these well priced, high quality assets, which enhance the scale efficiency of our fleet of European regional parcel tankers. The three ships are highly specialised, with 20 duplex stainless steel tanks, ICE class 1A and fitted with nitrogen generators.

Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015. The Q4 results show stable underlying operational performance…

Stolt Tankers Buys Three Ships

Stolt-Nielsen Limited (Oslo Bors: SNI) announced  that Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers, are expected to join the Stolt-Nielsen Inter-Europe Service by the end of August 2015. Further terms of the transaction were not disclosed. Commenting on the purchase, Hans P. Feringa, President of Stolt Tankers…

Odfjell Buys 5 Chemical Tanker Newbuilds

Odfjell SE informs it has signed a term sheet with Chemical Transportation Group, Inc (CTG) whereby Odfjell will acquire the last five of a total newbuilding order of 10 25,000 dwt vessels with 24 stainless steel tanks from Chinese ship builder AVIC Dingheng. CTG will continue to own five vessels which will be placed in a pool commercially managed by Odfjell Tankers AS. The vessels will, together with Odfjell's current fleet of five 25,000 dwt vessels and the five vessels acquired by Odfjell, form a pool for 15 25,000 dwt chemical tankers. The vessels acquired by Odfjell will be bought at $40 million per vessel upon delivery from yard, and are scheduled for delivery from June 2017 through May 2018.

Sperry Marine to Supply New Radars for Odfjell Tankers

Northrop Grumman Corporation signed a contract with Norwegian shipowner Odfjell ASA to install new radars and other navigation systems on its fleet of parcel tankers. The equipment will be supplied and installed by Northrop Grumman’s Sperry Marine business unit through its worldwide network of service locations. Initial orders under the contract have been placed for 20 Sperry Marine VisionMaster FT radars to be fitted on ten Odfjell ships. The contract also provides options for additional radar purchases for other ships in the fleet, as well as orders for retrofit of simplified voyage data recorders and electronic chart display and information systems on existing ships.

Odfjell SE, Crystal Pool Form Joint Venture

Odfjell announced the formation of Odfjell Euroceanica As, a 50/50 Joint Venture between Odfjell SE and Euroceanica Ltd. The J/V will trade all vessels currently operated by Crystal Pool and Odfjell Europe in the European short sea market. The new Crystal Pool set-up will open up for possibilities to offer combined services from Baltic to and from the Mediterranean, and give extensive world-wide coverage via the global presence and services of Odfjell Tankers. Existing contracts and commitments with all respective customers will remain unchanged. The new J/V looks forward to starting renewal dialogues of existing contracts as well as discussing new contracts and commitments for 2012 and beyond.

Ellis Named Chembulk Tanker CEO

Chembulk Tankers appointed David Ellis as Chief Executive Officer (CEO), succeeding Jack Noonan who will retire after 10 years of leading the team at Chembulk Tankers. Effective November 1, 2017, Jack will take on the role of CEO Emeritus through the balance of the year and will continue to advise and counsel Chembulk as part of the leadership transition. Ellis has more than 30 years in chemical and petroleum transportation experience, including over 20 years with Odfjell SE in various leadership roles culminating in the global leadership position in Odfjell’s joint venture with Lindsay Goldberg. He most recently served as CEO of Waypoint Solutions LLC, a Houston-based company he founded in 2016 to develop, buy, and operate midstream assets.

Fuel-saving Upgrades for 11 Odfjell Tankers

M/T Bow Firda, delivered in 2003, was the last and most advanced chemical tanker in Odfjell’s 37,500 dwt Kværner Class. It is powered by an MAN B&W 7S50ME-C main engine driving a MAN Alpha VBS1560 propeller and shaft alternator (Photo: MAN Diesel & Turbo)

MAN Diesel & Turbo’s Propeller & Aft Ship organization has won an order to retrofit and upgrade a series of 11 × 37,500 dwt vessels from the Odfjell chemical tanker fleet. The vessels are of the Kværner Class and are due to dock during 2015-17, at which time the upgrades will be implemented. The first vessel, M/T Bow Clipper, will dock and be upgraded in August 2015. Each vessel has an MAN B&W two-stroke engine powering a four-bladed, controllable-pitch propeller and a PTO-driven shaft alternator.

Odfjell Takes 50% Of Brazilian Shipper

Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. "Brazil has a considerable growth potential in production and handling of chemicals," Odfjell said. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.

Dow Chemical Files Suit Against Shipping Companies

Dow Chemical Company and its subsidiary Union Carbide Corporation have filed lawsuits in the US against Odfjell and three other major parcel chemical tanker carriers, Stolt-Nielsen, Tokyo Marine and JO Tankers in relation to violations of antitrust laws in the US, and claimed damages as a consequence thereof. The lawsuits have not yet been served on Odfjell. On September 29, Odfjell ASA's wholly owned subsidiary Odfjell Seachem AS entered into a voluntary plea agreement with the US Department of Justice. Odfjell Seachem AS agreed to plead guilty to a single-count violation of the US Sherman Antitrust Act for allocating customers and thereby fixing prices on certain contracts of affreightment from 1998 to 2002.

Odfjell Takes 50% Of Brazilian Shipper

Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.

Odfjell Buys New Vessel

Odfjell entered into a contract for the purchase of MT Holly Galaxy, a 19,975 dwt chemical tanker (IMO II/III) with 22 stainless steel cargo tanks, built in 2006 at Fukuoka Shipbuilding in Japan. The vessel will be delivered in December 2011 and shall be traded regionally in South America. We are in the process of achieving long term financing of the vessel. - Holly Galaxy will be vessel number 99 in the Odfjell controlled fleet of sophisticated chemical tanker vessels, says Jan A. Hammer, CEO Odfjell SE.

Odfjell Orders Ships

Odfjell signed an agreement with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) to build one fully IMO II 75,000 dwt chemical tanker with 31 coated tanks for delivery first half 2013 at a total price of about $65m. On the same date our J/V partners National Chemical Carriers of Saudi Arabia (NCC) has ordered a sister vessel with expected delivery late 2013. The ships will be commercially operated by our J/V NCC Odfjell Chemical Tankers JLT (NOCT), based in . Both Odfjell and NCC have options for one more vessel each.  

Odfjell Terminates Thipbuilding Contracts in China

January 2008 Odfjell entered into shipbuilding contracts with Chongqing Chuandong Shipbuilding Industry, China (CCSIC), for construction of six (6) stainless steel chemical tankers of 9,000 dwt for delivery between 4Q 2010 and 1Q 2012. The parties have agreed to terminate three (3) of the contracts. Under the termination agreements Odfjell will receive $30m, after repayment of bank loan associated with the three cancelled newbuildings. The remaing three (3) vesseles will be built at CCSIC, and estimated date of delivery is between December 2011 and April 2012. These tankers will replace smaller, owned vessels trading by Odfjell in the Asia Region.

OCT Aquisition of Shares

Excluding the shares owned by Odfjell Chemical Tankers AS, the number of outstanding shares in Odfjell SE is 82,766,966.

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